I agree than ammonia and nitrite poisoning definitely cause lasting damage. There is no reason that ANYONE shouldn't do a fish in cycle if they had a choice.
I don't mind if people end up in a fish in cycle because they were lied to, or not informed that there was actually a better (more responsible), way of cycling a tank.
I DO mind if people end up in a fish in cycle situation because they
just can't wait to get fish in the tank
That's not aimed in any way as a dig at you SchottayB, I'm not saying you did do that, or endorse that or anything else. It was just EXACTLY what I was about to say I completely disagree with.
There are no PRO's to a fish in cycle (unless you count not having to watch an empty tank for the cycling period). But if you really think it's fair for you as a human to subject a fish to any poisoning, purposefully, then... they wouldn't be the kind of people I like to talk too.
Pros to fishless cycling:
No need to feed any fish for the time it's cycling
No need to do daily water changes to keep levels safe for fish (there are no fish yet!

)
A few weeks to plan exactly what it is you want in the tank
A few weeks to plan how you want the tank to look (plants + decorations etc)
Extra time to do re-search on fish-keeping in general so you aren't thrown in at the deep end (Excuse the pun)
You don't have to go through the guilt of causing premature death to your fish due to bad or fluctuating water conditions
You're less likely to have an outbreak of disease so no need to buy expensive medicines
(And then my mind goes blank, but I'm figuring there are even more pros I've forgotten)